Phoenix, Ariz. (December 19, 2022) – SRS Real Estate Partners announced today it has completed the $22 million sale of Silverbell Plaza, a 97,540-square-foot retail center located at 2480-2500 N. Silverbell Road and 2106-2180 W. Grant Road in Tucson, AZ.
John Redfield, a Senior Vice President with SRS’ Investment Properties Group out of Newport Beach, Calif.,
and SRS Senior Vice President Alan Houston who is out of the Phoenix office, represented the seller, a
private investor from Arizona. The buyer, a Washington-based private investor who was in a 1031 exchange, was represented by Gary Gallelli Jr. and Adam Rainey of Gallelli Real Estate.
Situated on 8.45 acres, the property was 97% occupied at the close of escrow, and anchored by Walgreens
and Safeway. Additional tenants include Anytime Fitness, Leslie’s Poolmart, PNC Bank, Wingstop, H&R Block, and 14 other local, regional and national businesses.
“Silverbell Plaza is a high-quality, grocery-anchored center, and the seller has had a true pride of ownership for more than 20 years,” said Houston. “Our SRS team worked with our client to thoroughly understand the asset’s history, stability and positioning in the market and proactively marketed Silverbell Plaza to our extensive national investor database.”
Redfield added, “This was a prime example of a buyer and seller working together through escrow during an uncertain time in the market. Both parties kept their long-term goals in focus to help complete this transaction. This was a true team effort all around, and a good showcase of SRS leveraging its investment sales and leasing experts, and working together to create a winning situation for both sides.”
Silverbell Plaza has more than 205,000 residents and 135,000 employees within a five-mile radius and new residential developments are in various stages of construction nearby. The center is also two miles from Pima Community College and four miles from downtown Tucson and the University of Arizona.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states. SRS and currently has more than $2.5 billion in property on the market, with more than 684 properties sold year-to-date valued in excess of $2.6 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.